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    "id": 800403,
    "url": "https://info.mzalendo.com/api/v0.1/hansard/entries/800403/?format=api",
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    "content": "(b)a monthly or quarterly income drawdown in accordance with the formula prescribed by the Board on the advice of a registered Actuary; (c) a monthly or quarterly annuity for life purchased from an approved issuer of their choice.” This must be in writing to avoid fraud. Madam Temporary Speaker, the next part of this Bill mainly focuses on the financial provisions and establishes the retirement fund that we are talking about. It provides how surplus funds can be dealt with, how they may be invested and sets out a requirement for the board to have a reserve account, which is extremely important in this case. Clause 38 of the Bill provides for the fund to be established by the board of trustees. This consists of monies as may vest in or accrue to the scheme in the performance of its functions under this Act or under any other written law. It also includes contributions from sponsors and members, grants, gifts donations or other endowments that are given to the scheme. All of them form part of the fund. The next part, Madam Temporary Speaker, which is from Clause 45 to 53 sets out the general provisions giving the duty of care of the board, protection of the trustees and employees of the scheme from personal liability, offences and proceedings for recovery or deductions from employers under a general penalty clause. The proceedings for recovery or deductions from employers is extremely important. The example I just gave earlier is one of the proceedings that we would wish to take in this House when it comes to allocation of resources to those employers to make sure that they are able to cover the contributions as they should by law. Madam Temporary Speaker, I want to draw Members to Clause 48. It provides that- “(1) A person who – (a) wilfully fails to remit contribution to the scheme as required; (b) knowingly gives false information to the scheme; (c) being a Trustee or employee of the scheme, wilfully misappropriates the assets of the scheme commits an offence and is liable on conviction to a fine not exceeding five million shillings---” We want to adjust that. “---or to imprisonment for a term not exceeding two years or to both.” Madam Temporary Speaker, the penalty for corruption on retirement money for older people who have worked for years and given services to our county governments and county councils must be severe. Part of the amendments that we are bringing is to make these penalties a serious deterrent to anyone who imagines that they can play around with retirement money meant for the benefit of hardworking Kenyan civil servants who have put in their sweat, tears and blood into service to this country. We will be bringing more stringent proposals for that. Madam Temporary Speaker, even as this goes on, we hope that it will be implemented in that manner starting with those who wilfully failed to remit contribution to the Scheme as required. They know how much they are remitting for their employees The electronic version of the Senate Hansard Report is for information purposes only. A certified version of this Report can be obtained from the Hansard Editor, Senate."
}